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LLB Annual Report 2022 de

Related party transactions

Information checkedInformation unaudited Information geprüft Information ungeprüft Related party transactions

Related parties

The LLB Group is controlled by the Principality of Liechtenstein, which holds 56.3 per cent of the registered shares of Liechtensteinische Landesbank AG, Vaduz (previous year: 57.5 %). The shareholder group, consisting of the Haselsteiner Familien-Privatstiftung and grosso Holding Gesellschaft mbH, holds 5.9 per cent of the registered shares (previous year: 5.9 %). At the end of the year under report, LLB held 0.6 per cent of its own shares (previous year: 0.8 %) and 0.4 per cent were held by members of the Board of Directors and the Board of Management (previous year: 0.3 %). The remaining registered shares are owned by the general public.

The related parties of the LLB Group comprise the Principality of Liechtenstein, associated companies, members of the Board of Directors and the Board of Management, as well as their close family members and companies, in which these individuals are part of the company management, either through their majority shareholding or through their function, as well as own pension funds.

Within the scope of its business activity, the LLB Group also conducts banking transactions with related parties. These transactions mainly involve loans, investments and services. The volumes of these transactions, the holdings and corresponding income and expenses are shown below. For information regarding important business transactions with the Principality of Liechtenstein reference is made to note 8 in the separate financial statement of LLB AG.

See Scope of consolidation for a detailed list of the intercompany relationships of the LLB Group.

Compensation of key management personnel

 

 

 

 

 

 

 

 

 

 

 

 

Fixed compensation

Variable compensation

Entitlements 1

Contribution to benefit plans and other social contributions

Total

 

 

 

 

 

 

 

 

 

 

 

in CHF thousands

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

Members of the Board of Directors

 

 

 

 

 

 

 

 

 

 

Georg Wohlwend, Chairman

300

194

0

0

40

26

86

55

426

275

Gabriela Nagel-Jungo, Vice Chairwoman

124

190

0

0

30

33

11

43

165

266

Leila Frick-Marxer, Member since 6 May 2022 2

42

 

0

 

13

 

3

 

58

 

Patrizia Holenstein, Member until 6 May 2022 2

24

70

0

0

7

20

0

0

31

90

Urs Leinhäuser, Member 3

82

81

0

0

20

20

0

0

102

101

Thomas Russenberger, Member

70

71

0

0

20

20

6

5

96

96

Richard Senti, Member

72

76

0

0

20

20

7

6

99

102

Karl Sevelda, Member

64

61

0

0

20

20

0

0

84

81

Total

778

743

0

0

170

159

113

109

1'061

1'011

 

 

 

 

 

 

 

 

 

 

 

Members of the Board of Management

 

 

 

 

 

 

 

 

 

 

Gabriel Brenna, Group CEO since 1 March 2021

870

748

261

147

261

147

234

210

1'626

1'252

Other members of the Board of Management

2'329

2'464

695

485

695

485

803

862

4'522

4'296

Total

3'199

3'212

956

632

956

632

1'037

1'071

6'148

5'547

1 The members of the Board of Directors receive a portion of their fixed compensation in the form of share entitlements. With the members of the Executive Management, 50 per cent of the variable compensation consists of share entitlements. The total compensation comprises the total of the fixed and variable compensation plus the share entitlements.

2 On 6 May 2022, Patrizia Holenstein stepped down from the Board of Directors due to the term of office limitation rule. As her replacement, the General Meeting of Shareholders elected Leila Frick-Marxer for a first term of office of three years.

3 The compensation was paid to Adulco GmbH.

Loans to key management personnel and related parties

 

 

 

 

 

 

 

 

Fixed mortgages

Variable mortgages

Total

in CHF thousands

31.12.2022

31.12.2021

31.12.2022

31.12.2021

31.12.2022

31.12.2021

Members of the Board of Directors

 

 

 

 

 

 

Georg Wohlwend, Chairman

0

0

0

0

0

0

Gabriela Nagel-Jungo, Vice Chairwoman

200

200

0

0

200

200

Leila Frick-Marxer, Member since 6 May 2022 1

0

 

0

 

0

 

Patrizia Holenstein, Member until 6 May 2022 1

 

0

 

0

 

0

Urs Leinhäuser, Member

0

0

0

0

0

0

Thomas Russenberger, Member

0

0

0

0

0

0

Richard Senti, Member

398

305

271

364

669

669

Karl Sevelda, Member

0

0

0

0

0

0

and related parties

0

0

0

0

0

0

Total

598

505

271

364

869

869

 

 

 

 

 

 

 

Members of the Board of Management

 

 

 

 

 

 

Gabriel Brenna, Group CEO since 1 March 2021

0

0

0

0

0

0

Other members of the Board of Management

1'910

1'560

0

0

1'910

1'560

and related parties

0

0

0

0

0

0

Total

1'910

1'560

0

0

1'910

1'560

1 On 6 May 2022, Patrizia Holenstein stepped down from the Board of Directors due to the term of office limitation rule. As her replacement, the General Meeting of Shareholders elected Leila Frick-Marxer for a first term of office of three years.

All mortgage loans to member of management in key positions and related parties are fully secured.

At 31 December 2022, the maturities of the fixed mortgages for the members of the Board of Directors and related parties ranged between 3 and 49 months (previous year: between 15 and 51 months) at standard market client interest rates of 0.75 to 1.25 per cent per annum (previous year: 0.75 to 1.25 %). Upon expiry, one mortgage was extended at new conditions.

At 31 December 2022, the maturities of variable mortgages for members of the Board of Directors and related parties extended to a maximum of 3 month (previous year: 1 month) at standard market client interest rates of 1.28 per cent per annum (previous year: 0.80 to 0.95 %). Following expiry, these are extended for a further 3 months providing they are not revoked.

At 31 December 2022, the maturities of fixed mortgages for members of the Board of Management ranged between 18 and 112 months (previous year: between 0 and 42 months) at interest rates of 0.81 to 1.80 per cent per annum (previous year: 1.05 to 1.80 %). Two new mortgages were issued.

Of the total amount of mortgages for the members of the Board of Management, CHF thousands 1'000 (previous year: CHF thousands 500) was granted at the preferential interest rate for staff, the remainder was subject to the standard market client interest rate. No other loans were issued to the Board of Management (previous year: none).

No allowances for loans and other credit lines to management were necessary. LLB granted no guarantees to management or related parties (previous year: CHF thousands 500).

Transactions with key management personnel and related parties

in CHF thousands

2022

2021

+ / – %

Loans

 

 

 

As at 1 January

2'429

5'628

– 56.8

Loans issued / changes to management and related parties

443

270

63.8

Loan repayments / changes to management and related parties

– 93

– 3'470

– 97.3

As at 31 December

2'779

2'429

14.4

 

 

 

 

Deposits

 

 

 

As at 1 January

7'697

3'914

96.6

Change

5'352

3'782

41.5

As at 31 December

13'049

7'697

69.5

 

 

 

 

Income and expenses

 

 

 

Interest income

33

32

2.0

Interest expenses

– 3

– 0

485.2

Other income 1

22

21

4.6

Other expenses

0

0

 

Total

52

53

– 1.0

1 Mainly net fee and commission income

Transactions with associated companies

in CHF thousands

2022

2021

+ / – %

Loans

 

 

 

As at 1 January

636

10'003

– 93.6

Change

866

– 9'367

 

As at 31 December

1'503

636

136.1

 

 

 

 

Deposits

 

 

 

As at 1 January

16'530

29'757

– 44.4

Change

– 6'913

– 13'227

– 47.7

As at 31 December

9'617

16'530

– 41.8

 

 

 

 

Income and expenses

 

 

 

Interest income

74

49

50.8

Interest expenses

– 0

– 0

– 2.6

Other income

5

64

– 91.8

Other expenses

– 89

– 154

– 42.2

Total

– 9

– 41

– 77.7

The LLB Group has not issued guarantees to third parties for related parties. However, one irrevocable credit commitment exists amounting to CHF 10 million (previous year: CHF 10 million). As a result of transacted foreign currency swaps, claims continue to exist from derivative financial instruments totalling CHF thousands 3.

Transactions with own pension funds

in CHF thousands

2022

2021

+ / – %

Loans

 

 

 

As at 1 January

0

0

 

Change

0

0

 

As at 31 December

0

0

 

 

 

 

 

Deposits

 

 

 

As at 1 January

20'631

10'976

88.0

Change

– 10'905

9'655

 

As at 31 December

9'726

20'631

– 52.9

 

 

 

 

Income and expenses

 

 

 

Interest income

0

0

 

Interest expenses

– 0

– 0

– 13.2

Other income 1

855

1'809

– 52.8

Other expenses

0

0

 

Total

855

1'809

– 52.7

1 Mainly earnings from commissions and fees.

No guarantees have been granted by the LLB Group for third parties on behalf of own pension funds.

The LLB pension fund has transacted swaps to hedge against interest rate and currency risks. Claims exist from derivative financial instruments against the own pension fund totalling CHF thousands 63 (previous year: CHF thousands 22) and liabilities amounting to CHF thousands 1'179 (previous year: CHF thousands 957).